Cyprus to remain in recession in 2013 as austerity bites-Finmin

NICOSIA Thu Dec 6, 2012 9:27am EST

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NICOSIA Dec 6 (Reuters) - Cyprus's economy will remain in recession in 2013 as austerity measures taken under an EU/IMF bailout will hamper output, but will lay the foundations for future growth, the island's finance minister said on Thursday.

In his annual keynote budget speech to parliament, Finance Minister Vassos Shiarly warned 2013 would be "particularly difficult" because of a poor external environment, the need to recapitalise Cyprus's banking sector exposed to Greece, and fiscal adjustment.

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